Family Assist Mortgage Schemes UK
At Pearl Lemon Properties, we simplify complex mortgage options. Family Assist Mortgages allow family members to provide support, enabling you to secure a home without needing a large deposit. We help navigate every step, ensuring both buyers and supporting family members understand their obligations and benefits.
What We Offer
We offer a range of mortgage solutions designed to meet the unique needs of families providing financial assistance.
Family Assist Mortgages
Family Assist Mortgages allow a family member to help by offering either savings or property equity as collateral. Our role is to guide you through finding the right lender, understanding terms, and managing the legal and financial requirements.
Joint Borrower Sole Proprietor Mortgages (JBSP)
JBSP mortgages increase your borrowing potential. Family members’ incomes are combined with yours to qualify for larger loans, while you remain the sole property owner. This option is ideal for young professionals with low initial earnings.
Guarantor Mortgages
A guarantor mortgage lets family members guarantee your loan. If the borrower misses payments, the guarantor takes over, reducing risk for the lender. Pearl Lemon Properties provides detailed support to ensure all parties understand their roles and responsibilities.
Benefits of Family Assist Mortgages
These schemes are a practical option for those facing difficulties in raising large deposits.
Easier Home Access
These schemes reduce the need for large deposits, allowing first-time buyers to enter the market sooner. Family members help secure 100% mortgages, making homeownership possible for those without substantial savings.
Long-Term Financial Security
Family assist schemes can offer lower monthly repayments over time, helping buyers manage their financial commitments. Families can help without directly gifting large sums of money, protecting their financial health while helping you own a home.
How Pearl Lemon Properties Can Help
Our team ensures the process is as simple and transparent as possible, reducing potential risks.
Personalised Mortgage Advice
We assess your unique situation, helping you decide which family assist mortgage scheme best suits your needs. From securing collateral to managing applications, we handle the process end-to-end, reducing stress and delays.
Full Legal Support
Navigating the legal complexities of family mortgages is critical. We partner with legal professionals to ensure both parties are protected and aware of the terms.
Ongoing Guidance
We remain with you through the lifetime of the mortgage, offering advice when circumstances change or when you’re ready to release collateral.
Understanding the Risks
We ensure you understand all the risks involved before committing to any mortgage.
Risks for Families
Family members offering savings or property as collateral take on significant risk. If the borrower defaults, their financial contributions could be lost. Pearl Lemon Properties makes sure these risks are clear before any agreement is made.
Potential Consequences for Borrowers
Missed payments can lead to repossession, affecting both the buyer and the assisting family member. We provide financial assessments to ensure you’re prepared for long-term repayment.
Contact Pearl Lemon Properties
Ready to explore how family support can help you secure a mortgage? Contact us today. Pearl Lemon Properties offers expert guidance to help you make informed decisions, ensuring you and your family are fully protected throughout the process.
FAQ'S
Can I get a Family Assist Mortgage without a deposit?
Yes, some lenders offer 100% mortgages if your family can provide collateral through savings or property equity.
Who can assist me with a Family Assist Mortgage?
Family members like parents or grandparents can help by offering financial support or equity.
What happens if I miss mortgage payments?
Missed payments could lead to repossession. Your family’s collateral may be at risk if the mortgage isn’t repaid.
What types of mortgages can I apply for as a self-employed person?
Self-employed individuals have access to all major mortgage types, including fixed-rate, variable-rate, and buy-to-let options.
